Friday, August 12, 2022

Bitcoin’s price could drop to $29,000, claims CNBC’s Carter Worth.

The Takeaway:

The price of the leading cryptocurrency could drop to $29,000 and still be testing current support in line with past dips, claims CNBC's "Chartmaster."

In an appearance on the CNBC network’s Fast Money segment on Monday, Carter Worth, chief market technician of Cornerstone Macro, warned that the BTC bottom might be far from in. Bitcoin could drop to $29,000 and still be testing current support in line with past dips, he claimed. Analyzing recent price activity and comparing it to past Bitcoin bottoms, Worth said that current levels at around $45,000 represent the top of a support zone.


$45,000 represents the top of a support zone. 

“Were we to go down 55%, we’d be in the lower end of support,” Carter Worth summarized. “I think we’re in support — it’s fighting, but my hunch is it goes lower.” A 55% drop from current all-time highs would mean BTC to bottom out at just above $29,000. For Worth, this is a useful reference point, as 55% marks the average of every major price dip of 30% or more since 2011. However, as Twitter users noted, his calculations include events such as the 80% decline from all-time highs in 2017 — a process that took over a year to unfold.


Elon Musk’s tweets continue to trigger bitcoin prices. 

Elon Musk’s tweets once again seem to trigger the price of the leading cryptocurrency bitcoin and other cryptocurrencies. Earlier, Tesla CEO Elon Musk had announced that Tesla has decided to suspend short-lived bitcoin payments for its electric vehicles. The announcement caused bitcoin’s price to fall. However, this was not the only instance that triggered bitcoin prices. Later, Elon Musk replied to a tweet claiming Tesla might sell its bitcoin holdings by saying “indeed,” which started rumors about Tesla selling off its bitcoins holdings. However, Elon Musk later clarified that Tesla had not sold its bitcoin holdings.   

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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